Markets fall 0.6% in opening

Benchmark indices have clearly defied ongoing concerns of rapid rise in covid-19 cases and threat to earnings recovery, according to an analyst.

1 min read . Updated: 30 Apr 2021, 10:07 AM IST Ravindra N. Sonavane

Markets fell as covid infection cases hit a new high and fall in global markets also dampened sentiments

MUMBAI : Indian markets on Friday opened nearly 0.6% lower, after covid infection cases hit a new high. Fall in global markets also dampened the sentiments.

At 9.32 am, the benchmark Sensex fell 0.6% to 49,457 points, while Nifty declined 0.5% to 14,817 points.

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"Domestic equities do not look to be encouraging at the moment. Benchmark indices have clearly defied ongoing concerns of rapid rise in covid-19 cases and threat to earnings recovery. We note that absence of nationwide lockdown and high chances of reversal in cases by the end of May or mid June 2021 offered comfort," said Binod Modi, head-strategy at Reliance Securities.

Daily caseload crossed 380,000 on Thursday and higher number of deaths continue to remain a matter of concern for central and state governments and therefore, analysts expect, any possibility of further economic restrictions cannot be ruled out by state governments.

"Market participants would be keenly watching to see how soon vaccination at private hospitals starts. Timely availability of Jabs is still a concern for many states," Modi said.

Meanwhile, exit poll results for the assembly elections in Assam, Kerala, Tamil Nadu, Puducherry and West Bengal were announced on Thursday. While the predictions were on expected lines for the first three states and the Union territory, Mamata Banerjee is looking to retain the chief ministerial post for the third term.

The final results for these state assemblies will be out on 2 May.

Asian shares were mostly lower on Friday amid uncertainty about the prospects for a global economic recovery from the coronavirus pandemic. Japan and South Korea fell 0.5%, Australia and Hong Kong declined 0.8% and 1.6% respectively.

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